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AFSA has released a new guide for accountants and other advisers to provide practical knowledge around the Personal Property Securities Act 2009.
“We know that the introduction of the Personal Property Securities Act 2009 in 2012, which also established a new national register, has been a significant micro-economic reform for Australia,” ASFA chief executive Veronique Ingram said.
“Our new business guide -- titled Are you in business? -- is intended to help Australian businesses not familiar with the practical implications of this law,” she said.
“It also explains how they might benefit from using the national online system—the Personal Property Securities Register, also known as the PPSR.”
Ms Ingram said that building awareness of the law and the PPSR in the small and medium enterprise (SME) business sector is a real focus for the AFSA.
“The SME sector is extremely diverse in terms of industry types and business operators tend to be time-poor.
“It’s a challenge to ensure they have access to the right information at the right time.”
Gavin McCosker, registrar of the PPSR, said he was pleased to be able to offer SMEs and their advisers a comprehensive resource.
“The business guide is designed to present information on the law and the PPSR in a way that is easy to understand,” Mr McCosker said.
“It will also support business advisers, such as accountants, financial advisers, lawyers, business advisory services, and peak industry and professional bodies.
“These practitioners and organisations are trusted advisers of the SME sector and are in a prime position to provide information on how the register can be used by business to manage risk and identify ways to use their collateral to access secured credit,” Mr McCosker said.